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Mar 14, 2024

February US retail sales bounce back

Data released by the U.S. Census Bureau today shows retail sales expanded in February after a strong but flat January, says Jack Kleinhenz, chief economist at the National Retail Federation (NRF).


“Retail sales rebounded in a solid fashion in February, showing the consumer is still spending and pointing to underlying strength in the economy. These results indicate that the economy is continuing to expand in the first quarter despite tight credit conditions and still-elevated inflation. Jobs gains, wage increases, and continued GDP growth are supporting household spending. Spending on services remains elevated while spending on goods has softened, but both sectors are still growing.”


February’s core retail sales – excluding automobile dealers, gasoline stations, and restaurants – were up 0.2 percent seasonally adjusted from January and up 5.5 percent unadjusted year over year. Core retail sales were up 3.5 percent unadjusted year over year on a three-month moving average as of February.

 

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